On September 3, 2025, Dundee Precious Metals Inc. acquired all of the issued, and to be issued, ordinary share capital of Adriatic Metals Plc for an implied equity value of approximately US$1.3 billion. The transaction was implemented by means of a court-sanctioned scheme of arrangement under Part 26 of the UK Companies Act 2006.
As a result of the completion of the acquisition, Dundee Precious Metals has acquired 100% of the issued share capital of Adriatic Metals, which owns the Vareš operation in Bosnia and Herzegovina, a producing silver-lead-zinc-gold underground mine.
Cassels Brock & Blackwell LLP acted as Canadian legal counsel for Dundee Precious Metals Inc., with a deal team that included André Boivin, Alexander Pizale, Blanchart Arun, Maria Tapia, Tushar Sharma (Capital Markets, M&A and Mining), Davit Akman, Dragos Flueraru, Misha Apel (Competition & Foreign Investment), Brenda Swick (International Trade and Regulatory), Carla Potter, Sam DiGiuseppe (Banking & Specialty Finance), Nicola Geary (Private Equity), Zahra Nurmohamed, Tera Li Perizeau, Danielle Karlin (Tax & Trusts), Liliya Baranova, Tyler Li, Carlo Rescigno, and Robyn Cumiskey (Articling Student and Summer Law Students).
Bryan Cave Leighton Paisner LLP is acting as UK legal counsel for Dundee Precious Metals Inc., with a deal team that included Tom Bacon, Benjamin Lee, Yaniv Grunberg, Miriam Walters-Manneh, and Azan Ashai.
Gilbert + Tobin acted as Australian counsel to Dundee Precious Metals Inc., with a deal team that included Justin Mannolini, Callum Fleming, Joshua Cohenca, and Cassandra Lee.
Stikeman Elliott LLP acted as Canadian counsel to Adriatic Metals plc, with a deal team that included Jay Kellerman, Janel Young, Braxton Houlden, and Stacey Weltman.
Herbert Smith Freehills Kramer LLP acted as UK legal counsel for Adriatic Metals plc, with a deal team that included Stuart Ayers, David Tilley, Philippa Stone, Dawn Scott, and Howard Murray.